Hedge fund chief warns on wrongdoing

“I do think that what we are going to find out, when regulators and law enforcement people get into some of these firms which have failed, was that . . . the statements which people were making were materially misleading, if not criminal,” he said in a video interview on FT.com. “It is going to shock people...the extent of the deception to the market.”

About time someone said this... around here we were watching Mozilo and the Toll Brothers talk up the market in 2006-2007 as they bailed with their shares and options with both hands. This definitely raised some eyebrows. Even those that weren't selling their own shares were still materially misleading shareholders. Bank execs were likely big culprits there.